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Hypo Group: „We Are not the Only One Who Must Pay“

Published: April 5, 2014; 18:11 · (Vindobona)

Austrian Minister of Finance Michael Spindelegger underlines that the Austrian taxpayers are not the only ones who must bear the losses of the nationalized lender Hypo Group Alpe Adria.

Minister of Finance Michael Spindelegger: Hypo Group Will Not Only Affect Taxpayers / Picture: © Flickr / The Austrian Foreign Ministry

In an interview with the Austrian daily “Kurier”, Spindelegger explained that there is no alternative to the creation of a bad bank. In total, the Austrian government took more than four years to choose this strategy. The Balkan lender was nationalized in 2009. Since then, the Austrian Ministry of Finance injected € 4.8bn into Hypo Group Alpe Adria. Further losses as well as…

This article includes a total of 203 words.

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